1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The USDA's January supply - demand report maintained the 2025/26 US soybean yield at 33 bushels per acre, further reduced US soybean exports to 1.575 billion bushels, and increased the end - of - season inventory forecast for 2025/26 to 350 million bushels, with the US soybean stock - to - consumption ratio rising to 8.2%. The report also predicted Brazil's 2025/26 soybean output at 178 million tons and kept Argentina's soybean output unchanged. As Brazil's harvest progresses, the QNF premium in Brazil is expected to reflect the selling pressure of a bumper soybean harvest. Coupled with the pressure on the rapeseed - meal relationship due to improved China - Canada relations, the M05 contract is expected to face downward pressure [7] - The domestic soybean and soybean meal inventories are at historically high levels, and it is expected that the inventory will be depleted at an accelerated pace in January. The number of days of soybean meal inventory for feed enterprises has slightly increased [7] 3. Summary by Relevant Catalogs 3.1. Basis Data - On January 16, 43% soybean meal spot basis: Dalian was 493 (up 13), Tianjin was 433 (down 7), Rizhao was 393 (up 13), Zhangjiagang was 373 (down 7), Dongguan was 373 (up 13), Zhanjiang was 423 (down 7), and Fangcheng was 433 (up 13). Rapeseed meal spot basis in Guangdong was 157 (up 28). M3 - 5 was 351 (down 9), and RM5 - 9 was - 68 (unchanged) [4] 3.2. Inventory Data - The report presents charts of national major oil mills' soybean inventory, China's port soybean inventory, national major oil mills' soybean meal inventory, and feed enterprises' soybean meal inventory days from 2020 - 2026, but no specific numerical data is summarized [9][10] 3.3.开机 and压榨情况 (开机 and Pressing Situation) - The report shows the charts of the national major oil mills'开机 rate (operating rate), soybean pressing volume, and downstream提货量 (pick - up volume) from 2020 - 2026, but no specific numerical data is summarized [6] 3.4. Spread Data - The spot spread between soybean meal and rapeseed meal in Guangdong was 600, and the spread on the main contract was 472 (up 15). The Brazilian soybean CNF premium in 2025 and the import soybean gross profit on the futures market are presented in the chart, but no specific numerical data is summarized. The exchange rate of the US dollar against the RMB was 6.9381, and the futures market crushing profit was 165 yuan/ton [9] 3.5. International Data - As of January 10, 2026, Brazil's soybean harvest rate was 0.6%. As of January 14, Argentina's soybean sowing progress was 93.9%, slightly behind the same period last year. The proportion of soybeans in good condition was 61% (last week: 65%, same period last year: 38%). Based on domestic ship - booking, the expected domestic soybean arrivals in January were 6.2 million tons, 5.1 million tons in February, and 4.58 million tons in March [7]

Group 1: Core Views - The 2025/26 ending stock forecast of US soybeans remains at 290 million bushels, and the stock-to-consumption ratio is at a relatively low level of 6.7%, providing some support for the downside of CBOT US soybeans. Attention should be paid to the adjustment of US soybean yield and exports in the January USDA supply and demand report [9]. - There is no obvious driving factor in South American weather in the short term. Brazil has started harvesting. Under the expectation of high Brazilian soybean production, attention should be paid to the impact of the January harvest selling pressure on the Brazilian CNF premium [10]. - There are rumors that China will restart the auction of imported soybeans; Sino-Canadian relations are expected to ease, and China is expected to suspend the tax on Canadian rapeseed; the macro sentiment has cooled down, and the domestic market has returned to fundamentals with an obvious decline. Recently, the soybean meal futures market is expected to be mainly volatile, and in the short term, attention should be paid to the adjustment of the January USDA supply and demand report and the trend of the Brazilian premium [10]. Group 2: Data Summary Basis Data - The basis of the 43% soybean meal spot in different regions on January 8: Tianjin was 418 with a change of 59; Rizhao was 378 with a change of 49; Zhangjiagang was 368 with a change of 59; Dongguan was 358 with a change of 29; Zhanjiang was 398 with a change of 29; Fangcheng was 418 with a change of 49. The basis of rapeseed meal spot in Guangdong was 73 with a change of 54 [6]. Spread Data - The spot spread between soybean meal and rapeseed meal in Guangdong was 648 with a change of -8; the futures spread of the main contract was 32 [7]. Other Data - The US dollar to RMB exchange rate was 6.9807 with a change of 162. The futures crushing profit was 4 yuan/ton. The CNF premium of 2025 soybeans and the futures gross profit of imported soybeans in different months from Brazil were also presented [7].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The estimated ending inventory of US soybeans in the 2025/26 season remains at 290 million bushels, and the inventory-to-consumption ratio is at a relatively low level of 6.7%, providing some support for the lower - end expectation of CB01 US soybeans. Attention should be paid to the adjustments of the US soybean yield and exports in the January USDA supply - and - demand report [8]. - There is no obvious speculative driver for the South American weather in the short term. The weather in the Argentine production area has been dry recently, but the current soil conditions are suitable, with no obvious adverse effects in the short term. Continued observation is needed. The soybean sowing in Brazil is almost finished, and harvesting has begun in Paraná state. Given the expected high yield of Brazilian soybeans, attention should be paid to the impact of the selling pressure during the January harvest on the Brazilian CNP premium. The sum of the US market price and the Brazilian premium is expected to have further downside potential. Without special events, the MO5 is still expected to be relatively weak [9]. - In China, the de - stocking of soybeans in January is expected to accelerate. There are concerns about the shortage of soybeans in the first quarter and the extension of customs inspections. The pre - holiday stocking expectation of downstream enterprises is relatively positive, which is beneficial to supporting the domestic spot price trend before the Spring Festival. The concentrated ownership of imported soybeans in the first quarter brings a structural supply problem in China, which supports the M03. The M03 - N06 is still short - term positive arbitrage, with the risk lying in policy changes. Due to the stricter customs inspection policy, the supply delay and shutdown problems, as well as the specific quantity, price and shipping rhythm of imported soybean auctions or directed sales, are difficult to predict. Investors are advised to operate with caution [9] 3. Summary by Relevant Content 3.1 Basis and Spread Data - The basis data of the main soybean meal contract in different regions on January 5th shows that the basis in Dalian is 406 with a decrease of 5; in Tianjin is 386 with a decrease of 5; in Rizhao is 326 with a decrease of 25. The 43% soybean meal spot basis in Zhangjiagang is 346 with a decrease of 25, etc [6]. - The spread data includes the RM1 - 5 spread, the soybean meal - rapeseed meal spread (spot and on the main contract), etc. For example, the RM1 - 5 spread is 252, and the spot spread of soybean meal - rapeseed meal in the factory area is 300 [7]. 3.2 International and Inventory Data - The 2025 soybean CNF premium in different months in Brazil and the corresponding import soybean gross margin in the same year are presented, along with the US dollar - RMB exchange rate and the corresponding disk crushing profit [7]. - The inventory data shows the soybean inventory in Chinese ports, the soybean inventory in major domestic oil mills, the soybean meal inventory of feed enterprises, and the soybean meal inventory in major domestic oil mills from 2020 to 2025 [7]. 3.3开机 and压榨情况 (开机 and Pressing Conditions) - The data of the soybean pressing volume and the operating rate of major domestic oil mills from 2020 to 2025 are provided [7]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The domestic soybean purchase margin is poor, and the purchase progress for the December - January shipping schedule is slow. In the short - term, the domestic market is expected to continue to follow the US market with a volatile and slightly stronger trend. Before the release of the USDA report, it will mainly be in a volatile adjustment phase. Future drivers depend on the USDA November supply - demand report data this Friday and South American weather [10]. 3. Summary by Related Content A. Basis and Spread Data - **Basis**: On November 12, the basis of the Dalian 43% soybean meal spot (against the main contract) was 61, down 5; Tianjin was down 5; Rizhao was - 39, down 35; Zhangjiagang was - 9, down 15; Dongguan was - 59, down 25; and Fangcheng was - 39, down 25. The basis of rapeseed meal spot in Guangdong was 98, down 10 [6]. - **Spread**: The M1 - 5 spread was 209, down 9; RM1 - 5 was 62, down 17. The spot spread of soybean meal - rapeseed meal in Guangdong was 398, down 20; the main - contract disk spread was 565, up 11 [6][7]. B. Price and Profit Data - The US dollar - to - RMB exchange rate was 7.0785, and the disk crushing profit was 220 yuan/ton, with no change. The estimated import soybean disk gross profit in 2025 was - 251 yuan/ton [7]. C. Supply, Demand, and Inventory Situation - **Supply**: The USDA currently estimates the US soybean inventory - to - consumption ratio for the 2025/2026 season at 6.9%. The expected yield of 53.5 bushels/acre may be lowered, while the export forecast has room for an increase. There is a risk of relatively dry weather in southern Brazil in the next few weeks, and attention should be paid to the impact of the weak La Nina weather pattern. The purchase progress for the December - January shipping schedule is slow, and the supply gap in the first quarter of next year is uncertain [9][10]. - **Demand**: In the short - term, livestock and poultry are expected to maintain high inventory, supporting feed demand. However, the current breeding profit is in a loss state, and national policies tend to control the inventory and weight of pigs, which may affect the long - term supply. The downstream of soybean meal has been cautious in recent transactions, and the提货 performance has declined [10]. - **Inventory**: Domestic soybean and soybean meal inventories are at historically high levels, and it is expected that inventory will start to decrease in November. The number of days of soybean meal inventory for feed enterprises has dropped to a low level [10].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The domestic soybean purchase and shipping profitability is poor. With the expectation of China's purchase of US soybeans, the short - term domestic futures market is expected to follow the US market and continue to be volatile and slightly stronger. However, the expected global soybean supply surplus situation will limit the rebound height of the futures market. Future drivers depend on the USDA November supply - demand report and South American weather [11]. 3. Summary by Related Catalogs 3.1 Basis and Spread Data - **Basis Data**: On November 7th, the basis of the main contract of soybean meal in Dalian was 62, down 20; the basis of 43% soybean meal in Tianjin was 2, down 10; in Rizhao it was - 18, down 10; in Zhangjiagang it was 2, up 10; in Dongguan it was - 58, down 10; in Zhanjiang it was - 18; in Fangcheng it was - 38, down 10. The basis of rapeseed meal in Guangdong was 91, up 23 [6]. - **Spread Data**: The RM1 - 5 spread was 123, down 10; the soybean meal - rapeseed meal spread in the spot market in Guangdong was 300, and the spread in the futures market (main contract) was 519, unchanged [7]. 3.2 Supply - related Data - **USDA Forecast**: The USDA currently estimates the US soybean inventory - to - consumption ratio for the 25/26 season at 6.9%. The expected yield per acre of 33.5 bushels may be lowered, and the export forecast has room for an upward adjustment. The US soybean supply - demand balance is expected to be tight. Attention should be paid to the next USDA supply - demand report [8][9]. - **Brazilian Soybean Planting**: As of November 1st, according to CONAB data, the Brazilian soybean planting rate was 47.1%, up from 34.4% last week, compared with 53.3% in the same period last year and a five - year average of 64.7%. Attention should be paid to the relatively dry weather in Rio Grande do Sul in southern Brazil in the next few weeks and the impact of the weak La Nina weather pattern [10]. - **Domestic Supply**: In November, domestic soybean meal is expected to start destocking, but the supply in the fourth quarter is still expected to be abundant. The purchase progress for the December - January shipping period is slow, and the supply gap in the first quarter of next year is uncertain [11]. 3.3 Demand - related Data - Livestock and poultry are expected to maintain high inventory levels in the short term, which supports feed demand. However, current breeding profits are in the red, and national policies tend to control the inventory and weight of pigs, which may affect long - term supply. The downstream of soybean meal has been cautious in recent transactions, and the pick - up performance has declined [11]. 3.4 Inventory - related Data - Domestic soybean and soybean meal inventories are at historically high levels for the same period, and inventory is expected to start declining in November. The number of days of soybean meal inventory for feed enterprises has dropped to a low level [11]. 3.5 Exchange Rate, Basis Price, and Profit - related Data - The US dollar - to - RMB exchange rate was 7.0837, and the futures market profit from importing Brazilian soybeans was 145 yuan/ton [7].

Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - The USDA May Supply and Demand Report has a bullish impact, with the estimated US soybean stock-to-consumption ratio for the 25/26 season at 6.68%, continuing to decline from the 24/25 season. China and the US issued a joint statement, and China's import tax rate on US soybeans has changed. The US soybean planting progress has reached 48%, which is relatively fast compared to recent years. The Brazilian soybean premium has been oscillating weakly recently, and attention should be paid to the potential for further decline. Domestically, facing the pressure of concentrated arrivals of Brazilian soybeans, the customs clearance time has been shortened. This week, soybean meal inventory continued to decline slightly but remains low. Overall, there is no driving force for speculation in US soybean planting, and the domestic market continues to digest the pressure of spot supply and the bearish impact of Brazilian soybean sales. The futures market is expected to be range-bound [5] 3. Summary by Relevant Catalogs 3.1 Basis Data - The basis of the main soybean meal contract in Zhangjiagang on May 14th: Dalian was 226 with a change of -38; Tianjin was 166 with a change of -48; Rizhao was 86 with a change of -28; Zhangjiagang was 186 with a change of -28; Dongguan was 166 with a change of -28; Zhanjiang was 186 with a change of -28; Fangcheng was 246 with a change of 12. The basis of rapeseed meal in Guangdong was -149 with a change of -12 [3] 3.2 Spread Data - The spread between soybean meal and rapeseed meal: The spot spread in Guangdong was 405 with a change of 6, and the spread on the main futures contract was 720 with a change of -10. Other spreads such as M9 - 1, M9 - RM9, RM9 - 1 also have corresponding data [4] 3.3 Premium and Exchange Rate Data - The US dollar to RMB exchange rate was 7.1598, and the soybean CNF premium had a corresponding trend chart. The import soybean futures gross profit and the futures crushing profit per ton also had corresponding data [4] 3.4 Inventory Data - The inventory data of major oil mills and ports in China, including soybean inventory, soybean meal inventory, and the number of days of soybean meal inventory in feed enterprises, all have corresponding time - series data [4] 3.5 Startup and Pressing Data - The startup rate and soybean pressing volume of major oil mills in China have corresponding time - series data [4]